The Board of Directors of Al Meezan Mutual Fund Ltd (AMMF), on Wednesday approved the financial results for the year ended June 30, 2007 and announced 25 percent cash (ie Rs 2.5 per share) and 15 percent stock dividend.
Al Meezan Mutual Fund Ltd (AMMF) was the first fund launched by Al Meezan Investments and is one of the oldest mutual funds in the private sector. It is a closed-end equity fund that invests in Shariah compliant equity instruments to provide investors with pure profit. During its long and illustrious journey of 11 years AMMF has been paying regular and healthy dividends to its investors.
During the financial year ended June 30, 2007, AMMF earned net income of Rs 547 million (ie earning per share of Rs 4.57) reflecting an increase of 24 percent as compared to Rs 440 million last year. Major sources of revenue include realised capital gains of Rs 176 million and dividend income of Rs 79.5 million. Out of total earnings, a payout of 87.4 percent is being made in terms of cash and stock dividend.
The net assets of AMMF stood at Rs 2,219 million as of June 30, 2007 as compared to Rs 2,029 as of June 30, 2006 reflecting an increase of 9.3 percent. The net asset value of AMMF as at June 30, 2007 was Rs 18.55 as compared to ex-dividend NAV of Rs 13.97 as of June 30, 2006 reflecting an increase of 32.8 percent.
In comparison, Dow Jones Pakistan Islamic Index depicted a return of 17 percent during the same period. Hence AMMF outperformed the index by 15.8 percent which is reflective of the superior performance of AMIM active portfolio management strategy.-PR